Daily FX Forecast

EUR/USD

Resistance levels: 1.4500/1.4550/1.4620
Support levels: 1.4480/1.4410/1.4380

EUR/USD has reached new lows at 1.4380 yesterday, rebounding back towards 1.4550 key Resistance over the last trading sessions Today focus will be on ECB Interest Rate Decision at 11:45 GMT and especially Trichet Speech at 12:30 GMT It is widely expected ECB will leave the rate unchanged at 4.25% An upmove above 1.4550 key Resistance may recover price further towards 1.4600 and 1.4620 over the next couple of trading sessions and even 1.4800 in longer term On downside, below 1.4480 first Support reverses the bias into negative and turns price back to 1.4400-4380 bottom area

Strategy-neutral.

GBP/USD

Resistance levels: 1.7800/1.7890/1.7940
Support levels: 1.7710/1.7640/1.7550

GBP/USD has recovered to 1.7800 as it was suggested after better than expected UK PMI Services numbers yesterday Today focus will be on Bank of England Rate Decision at 11:00 GMT It is expected they will hold the rate unchanged at 5.00% On downside, if they cut the rate , sharp fall below 1.7670 yesterday lows may be seen later today First crucial Support stands near 1.7710 On the upside, further recovery to 1.7890 and even 1.7940 is not ruled out over today and tomorrow

Strategy-neutral.

USD/JPY

Resistance levels: 108.40/109.10/109.70
Support levels: 108.00/107.60/107.10

USD/JPY has failed to penetrate beyond 109.10-20 area yesterday , falling back below 108.60 down to 108.00 our down target over the last trading sessions as it was suggsted Now first Resistance comes at 108.40 Above that level may boost price back towards 109.10-20 area later today On downside, below 108.00 eases price further to 107.60 later today

Strategy-neutral.

USD/CHF

Resistance levels: 1.1060/1.1130/1.1170
Support levels: 1.1010/1.0970/1.0930

USD/CHF has reached new highs at 1.1170 our up target yesterday as it was suggested, falling back below 1.1050 key Support over the last trading sessions On downside, the break below 1.1050 may ease price further to 1.0970 and even 1.0930 later today First immediate Support comes near 1.1010 now On the upside, a break beyond 1.1060 is required to signal resuming the uptrend and retest of 1.1130 and 1.1170 previous highs

Strategy-neutral.

EUR/JPY

Resistance levels: 157.60/158.40/159.00
Support levels: 157.00/156.30/155.40

The Cross has reached new lows at 156.30 yesterday No change in our view. The bias remains negative for test of 155.50-40 area in longer term First immediate Support stands at 157.00 ahead of 156.30 yesterday bottom On the upside, above 157.60 may recover price towards 158.40-50 later today

Strategy-neutral.

FX Dream